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Oh, what a relief it is.

December 16, 2010 – The Fed has admitted that it does not have a panacea for our nation’s economic ills but gold bullion investment can provide every citizen with relief from the effects.

The Congressional Budget Office (CBO) assumed that the tax cuts would expire and stimulus spending would not expand when it issued its August update to The Budget and Economic Outlook, but it also included an alternate scenario if, as is the case, that were not to happen. Under those conditions we can expect the deficit to reach 8% of GDP by 2020 and publicly held debt to increase to 100% of the real GDP. Even more sobering is the cost to service that debt.

The tax cut extension and proposed expansion of QE2 will balloon the already unthinkable projected interest payments of $778 billion by 2020. Combined with further excessive federal spending it is quite possible that within 10 years we will be wasting $1 trillion a year on an expense that puts zero back into the economy.

The CBO expects no significant improvement any time soon, predicting “slow income growth as well as lost wealth” in the years ahead. But what can we expect from gold?

In the International Business Times Dave Brown reports what Eric Sprott, CEO of Sprott Asset Management, has to say. “I think gold is the reserve currency today. There is not a currency in the world that it hasn't appreciated against by at least 300 per cent. And it has beaten every stock market.” Sprott believes “that gold will go a lot higher because it is under-owned as only 1 per cent of people's money is in it.”

That will undoubtedly change as investors continue flocking to gold. The gold bullion price “could go to $2,000 an ounce. I could imagine it at $5,000,” Sprott says.

Daily Updates Archive

Jonathan Monroe

Senior Staff Writer - Gold-Bullion.org

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